La-Z-Boy Inc (LZB) 2026 Q1 法說會逐字稿

Greetings, and welcome to the La-Z-Boy Incorporated Fiscal 2026 first-quarter conference call. (Operator Instructions). And please note, this conference is being recorded.

大家好，歡迎參加 La-Z-Boy Incorporated 2026 財年第一季電話會議。（操作員指令）。請注意，本次會議正在錄音。

I will now turn the conference over to your host, Mr. Mark Becks, Director of Investor Relations and Corporate Development at La-Z-Boy Incorporated. Sir, you may begin.

現在，我將會議交給主持人、La-Z-Boy Incorporated 投資者關係和企業發展總監 Mark Becks 先生。先生，您可以開始了。

Thank you, Ali. Good morning, everyone, and thanks for joining us to discuss our fiscal 2026 first quarter. Joining me on today's call are Melinda Whittington, La-Z-Boy Incorporated's Board Chair, President and Chief Executive Officer; and Taylor Luebke, La-Z-Boy's SVP and CFO.

謝謝你，阿里。大家早安，感謝您加入我們討論 2026 財年第一季。參加今天電話會議的還有 La-Z-Boy Incorporated 董事會主席、總裁兼執行長 Melinda Whittington 和 La-Z-Boy 高級副總裁兼財務長 Taylor Luebke。

Melinda will open and close the call, and Taylor will speak to segment performance and the financials midway through. After our prepared remarks, we will open the line for questions. Slides will accompany this presentation and you may view them though our webcast link, which will be available for one year. And a telephone replay of the call will be available for one week beginning this afternoon.

梅琳達將開始和結束電話會議，泰勒將在中途介紹部門業績和財務狀況。在我們準備好發言之後，我們將開放提問熱線。幻燈片將隨此簡報一起提供，您可以透過我們的網路廣播連結觀看，該連結將開放一年。從今天下午開始，本次通話的電話重播將保留一週時間。

I would like to remind you that some statements made in today's call include forward-looking statements about La-Z-Boy's future performance and other matters. Although we believe these statements to be reasonable, our actual results could differ materially. The most significant risk factors that could affect our future results are described in our annual report on Form 10-K. We encourage you to review those risk factors as well as other key information detailed in our SEC filings.

我想提醒您，今天電話會議中的一些陳述包括有關 La-Z-Boy 未來業績和其他事項的前瞻性陳述。儘管我們認為這些陳述是合理的，但我們的實際結果可能會存在重大差異。我們的 10-K 表格年度報告中描述了可能影響我們未來績效的最重要風險因素。我們鼓勵您查看這些風險因素以及我們向美國證券交易委員會提交的文件中詳述的其他關鍵資訊。

Also, our earnings release is available under the News Events tab on the Investor Relations page of our website, and it includes reconciliations of certain adjusted measures, which are also included as an appendix at the end of our conference call slide deck.

此外，我們的收益報告可在我們網站「投資者關係」頁面的「新聞事件」標籤下找到，其中包括某些調整後的指標的對賬，這些指標也作為附錄包含在我們電話會議幻燈片的末尾。

With that, I will now turn the call over to Melinda.

說完這些，我現在將電話轉給梅琳達。

Thanks, Mark. Good morning, everyone. Yesterday, following the close of market, we reported our July-ended first quarter results. During the quarter, we delivered sales growth in both our Retail and Wholesale segments as well as margin expansion in Wholesale, and we accomplished significant Century Vision' strategic milestones even despite continued industry headwinds.

謝謝，馬克。大家早安。昨天，市場收盤後，我們公佈了截至七月的第一季業績。在本季度，我們的零售和批發部門的銷售額均實現了增長，批發部門的利潤率也實現了擴大，儘管行業逆風持續存在，但我們仍實現了世紀願景的重要戰略里程碑。

Highlights for our first quarter included; in our Retail segment, delivered sales increased 2%, and written sales increased 5%. We opened two new company-owned La-Z-Boy Furniture Galleries, bringing our total to 13 new company-owned stores over the last 12 months, and we announced a 15-store acquisition in the growing Southeast region of the United States, which is expected to close late in October and will be the largest independent La-Z-Boy Furniture Galleries acquisition in our company's history.

我們第一季的亮點包括：在我們的零售部門，交付銷售額成長了 2%，書面銷售額成長了 5%。我們新開設了兩家公司直營的 La-Z-Boy 家具展廳，使我們在過去 12 個月內新開的門市總數達到 13 家，並且我們宣佈在美國不斷發展的東南地區收購 15 家門店，預計該收購將於 10 月底完成，這將是我們公司歷史上規模最大的獨立 La-Z-Boy 家具展廳收購。

In our Wholesale segment, delivered sales grew 1%, led by growth in our core North American La-Z-Boy Wholesale business. On top of this, we successfully transitioned to our new Arizona distribution center, the first of three centralized hubs that will provide the foundation to our multiyear distribution transformation.

在我們的批發部門，交付銷售額成長了 1%，這主要得益於我們的核心北美 La-Z-Boy 批發業務的成長。除此之外，我們也成功過渡到新的亞利桑那配送中心，這是三個集中樞紐中的第一個，將為我們多年的配送轉型奠定基礎。

We also delivered strong operating cash flow of $36 million for the quarter. And finally, we continue to maintain a strong balance sheet with $319 million in cash and no external debt, and we updated our revolver to more favorable terms.

本季我們也實現了 3,600 萬美元的強勁經營現金流。最後，我們繼續保持強勁的資產負債表，擁有 3.19 億美元現金且沒有外部債務，並且我們將循環信貸的條款更新為更優惠的條件。

Consolidated sales for the quarter were $492 million, down slightly from the prior year. While we delivered growth in our Retail and Wholesale segments against an increasingly challenged consumer and macroeconomic environment, those challenges did affect store traffic and related same-store sales in our Retail segment.

本季綜合銷售額為 4.92 億美元，較上年略有下降。儘管在日益嚴峻的消費和宏觀經濟環境下，我們的零售和批發部門實現了成長，但這些挑戰確實影響了我們零售部門的店鋪客流量和相關的同店銷售額。

And our Joybird business delivered sales for the first quarter were down 20%, consistent with the drop in written sales Joybird experienced in our fourth quarter. The combination of slower same-store sales plus investment in new store expansions, which take a couple of years to get to going profitability, pressured our total company adjusted operating margin for the quarter which came in at 4.8%.

我們的 Joybird 業務第一季的銷售額下降了 20%，與 Joybird 第四季的書面銷售額下降一致。同店銷售額放緩加上新店擴張的投資需要幾年時間才能實現盈利，這給我們本季公司整體調整後營業利潤率帶來了壓力，僅為 4.8%。

As we look forward, we continue to be optimistic about our ability to grow sales and outperform the industry while driving strong margins and we are actively adjusting our near-term operations to prudently navigate the current environment.

展望未來，我們繼續對我們增加銷售額和超越行業、同時實現強勁利潤率的能力持樂觀態度，並且我們正在積極調整近期運營，以審慎應對當前環境。

Total written sales for our company-owned Retail segment increased 5% versus last year's first quarter, driven by new and acquired store growth, which more than offset a 4% RIN same-store sales decrease. Both total and same-store written sales trends sequentially improved versus our fourth quarter. Joybird written sales decreased 14% in the quarter versus a year ago, with trends improving throughout the quarter and with continued stronger performance in physical stores than online.

我們公司自有零售部門的總銷售額較去年第一季成長 5%，這主要得益於新店和收購店的成長，遠遠抵銷了 RIN 同店銷售額 4% 的下降。與第四季相比，總銷售額和同店銷售額趨勢均有所改善。Joybird 本季書面銷售額與去年同期相比下降了 14%，但整個季度的趨勢都在改善，實體店的表現繼續強於線上。

Industry traffic remains depressed with housing transactions continuing to be near 30-year lows and exacerbated by increasingly challenged consumer. Industry data for the quarter continues to be volatile and mixed with retail public company peers reporting same-store sales ranging from down low to mid-single digits, while broader industry data, as defined by the US Census Bureau shows recently downwardly revised figures, but still in a positive mid-single-digit range. Even as we navigate the current consumer choppiness, we continue to advance our Century Vision strategy to deliver long-term shareholder value.

產業流量依然低迷，房屋交易量持續接近 30 年來的最低水平，而消費者面臨的挑戰日益加劇，加劇了這一情況。本季的行業數據持續波動且好壞參半，零售上市公司同業報告的同店銷售額從低位到中位數個位數不等，而美國人口普查局定義的更廣泛的行業數據顯示最近數字有所下調，但仍處於正中位個位數範圍內。即使在應對當前消費波動的情況下，我們仍將繼續推動我們的世紀願景策略，以實現長期股東價值。

In our ongoing drive to increase our direct-to-consumer business, where we control the entire consumer experience, we were thrilled to announce the upcoming acquisition of a 15-store La-Z-Boy Furniture Galleries network in the Southeast region of the United States. This network currently drives roughly $80 million in annual sales which will add an incremental $40 million in sales to the company on a consolidated basis. And we see continued growth opportunity for that region.

我們不斷努力擴大直接面向消費者的業務，控制整個消費者體驗，我們很高興地宣布即將收購美國東南地區擁有 15 家門市的 La-Z-Boy 家具畫廊網路。該網路目前每年的銷售額約為 8,000 萬美元，合併後將為公司增加 4,000 萬美元的銷售額。我們看到該地區持續的成長機會。

Further, during the quarter, we opened two net new stores with 15 total planned for the year, mostly company-owned and making this one of the most significant retail expansion years in our company's history. At the end of the quarter, our retail footprint included 205 company-owned furniture galleries, 56% of our entire 368 store network, which includes independently-owned stores. And there is continued opportunity to expand our retail store footprint as part of our Century Vision.

此外，本季我們新開了兩家店，全年計劃開設 15 家新店，其中大部分是公司自營店，這使得今年成為公司歷史上零售擴張最為顯著的一年。截至本季末，我們的零售足跡包括 205 家公司自營家具展廳，占我們整個 368 家門市網路（包括獨立門市）的 56%。作為我們世紀願景的一部分，我們將繼續有機會擴大零售店的覆蓋範圍。

We're also pleased during this past quarter to open our 14 Joybird store just last week in Mission Viejo, California, as we prudently expand the Joybird physical store footprint with up to four stores planned in this fiscal.

我們也很高興在過去的一個季度中，於上週在加州 Mission Viejo 開設了第 14 家 Joybird 商店，同時我們謹慎地擴大 Joybird 實體店的覆蓋範圍，並計劃在本財年開設最多四家商店。

Demonstrating our consumer-recognized strength in Retail, we were recently named by Newsweek as one of America's Best Retailers in 2025. And ranking number one in the furniture category for the first time in our history. This recognition based on quantitative data, gathered from independent surveys is a testament to our talented and dedicated team and our continued focus on further strengthening our product offerings, our customer service and our in-store experience.

我們最近被《新聞周刊》評為 2025 年美國最佳零售商之一，證明了我們在零售領域獲得消費者認可的實力。並且在我們的歷史上首次在家具類別中排名第一。這項認可是基於透過獨立調查收集的定量數據，證明了我們才華橫溢、敬業的團隊以及我們持續致力於進一步加強我們的產品供應、客戶服務和店內體驗。

Our refined channel strategy in Wholesale is also seeing continued momentum as we expand our brand reach with compatible strategic partners to delight and inspire more consumers. We recently added another strategic regional partner in Farmers Furniture an approximately 250 store retailer in the Southeast, giving consumers greater access to the La-Z-Boy brand in some more rural markets we haven't served in the past.

隨著我們與相容的策略夥伴擴大品牌影響力以取悅和激勵更多消費者，我們在批發領域的完善通路策略也持續保持強勁勢頭。我們最近增加了另一個戰略區域合作夥伴 Farmers Furniture，這是一家在東南部擁有約 250 家門市的零售商，讓消費者能夠更多地接觸到我們過去尚未服務過的一些農村市場中的 La-Z-Boy 品牌。

With our refined channel strategy, we continue to add new distribution as well as grow our brand with existing partners to ensure La-Z-Boy is accessible to more consumers.

透過完善的通路策略，我們不斷增加新的通路，並與現有合作夥伴共同發展我們的品牌，以確保更多消費者能夠購買到 La-Z-Boy。

And another core pillar of our Century Vision growth strategy is to expand brand reach. Here, we also made progress during the quarter with our brand campaign update, which we again officially launched on National Lazy Day, August 10. And we also recently introduced our reinvigorated Lazy Boy brand identity. Rooted in our heritage of comfort and craftsmanship, the new identity reflects a more modern brand and represent an important step in our journey to evolve with our consumer, further increase brand relevance and reach a broader audience.

我們的世紀願景成長策略的另一個核心支柱是擴大品牌影響力。本季度，我們也透過品牌活動更新取得了進展，並於 8 月 10 日全國懶人日再次正式啟動活動。我們最近也推出了煥然一新的 Lazy Boy 品牌標誌。新的品牌形象植根於我們舒適和精湛工藝的傳統，體現出一個更現代化的品牌，代表著我們與消費者共同發展、進一步提高品牌相關性和覆蓋更廣泛受眾的重要一步。

Within our Century Vision pillar to drive supply chain agility, as we noted last quarter, we are in the first quarter of a multiyear project to transform our distribution network and home delivery program. We're designing and building an even more effective network for our business today and in the future, delivering an even better consumer experience while strengthening our operations, improving margins and further enhancing the agility of our vertically integrated supply chain.

正如我們上個季度所指出的，在我們的世紀願景支柱下推動供應鏈敏捷性，我們正處於一個多年期項目的第一季度，旨在改造我們的分銷網絡和送貨上門計劃。我們正在為當前和未來的業務設計和建立一個更有效的網絡，提供更好的消費者體驗，同時加強我們的運營，提高利潤率並進一步增強我們垂直整合供應鏈的靈活性。

This transformation will reduce our distribution footprint from a total of 15 large distribution centers to three centralized hubs, supported by small format cross stocks across the country, located close to our customers and our consumers. And it will drive an estimated 30% reduction in total square footage across our network. It will also reduce mileage of inventory traveled across our network by approximately 20%.

此次轉型將使我們的分銷範圍從總共 15 個大型分銷中心減少到三個集中樞紐，並由遍布全國的小型交叉庫存提供支持，這些分銷中心靠近我們的客戶和消費者。這將導致我們整個網路的總面積減少約 30%。它還將使我們網路中的庫存運輸里程減少約 20%。

Further, the program will enable improved inventory productivity and working capital levels, will enable us to reach a broader consumer base doubling our delivery radius from 75 to 150 miles and decreasing our reliance on third-party providers, and increase the agility of our supply chain to more optimally serve our current store footprint with flexibility for added growth in the future, all while improving an already strong consumer experience.

此外，該計劃將提高庫存生產力和營運資本水平，使我們能夠覆蓋更廣泛的消費者群體，將我們的配​​送半徑從 75 英里擴大一倍至 150 英里，減少對第三方供應商的依賴，並提高我們供應鏈的靈活性，以更優化地服務於我們目前的門店，並為未來的增長提供靈活性，同時改善已經很強大的消費者體驗。

During the quarter, we successfully completed the opening of our new Arizona distribution hub, the first of these three centralized hubs, and we are excited about the early progress of this transformation, which is an important driver toward our broader objective of double-digit margins in our wholesale segment over the long term.

在本季度，我們成功開設了新的亞利桑那州配送中心，這是三個集中式中心中的第一個，我們對這一轉型的早期進展感到非常興奮，這是我們實現批發部門長期兩位數利潤率這一更廣泛目標的重要驅動力。

We continue to drive long-term value creation through our Century Vision strategy across the enterprise, and we are strengthening our core business of branded customized upholstery in North American markets to ensure that our company is structured to deliver on long-term value creation while also prudently responding in the near term to an increasingly challenged consumer environment.

我們繼續透過整個企業的「世紀願景」策略推動長期價值創造，並正在加強我們在北美市場的品牌客製化內裝核心業務，以確保我們公司的結構能夠實現長期價值創造，同時也能夠在短期內審慎應對日益嚴峻的消費環境。

In addition, we are actively evaluating all alternatives to address financial pressure from non-core parts of our enterprise. Our guiding principles will remain the same. We will do the right thing for our consumers by delivering comfort and customization with quality. We will be nimble to responding to the dynamic environment and leverage our iconic brand, vertically integrated business model, and robust balance sheet to further strengthen our foundation and disproportionately benefit when an industry rebound occurs.

此外，我們正在積極評估所有替代方案，以解決來自企業非核心部分的財務壓力。我們的指導原則將保持不變。我們將為消費者提供舒適、客製化且優質的服務。我們將靈活應對動態環境，利用我們的標誌性品牌、垂直整合的業務模式和穩健的資產負債表進一步鞏固我們的基礎，並在行業反彈時獲得不成比例的利益。

And now let me turn the call over to Taylor to review the financial results in more detail.

現在，讓我將電話轉給泰勒，讓他更詳細地回顧財務結果。

Thank you, Melinda, and good morning, everyone. As a reminder, we present our results on both a GAAP and adjusted basis. We believe the adjusted presentation better reflects underlying operating trends and performance of the business. Adjusted results exclude items, which are detailed in our press release, and in the tables in the appendix section of our conference call slides.

謝謝你，梅琳達，大家早安。提醒一下，我們根據 GAAP 和調整後的基礎來呈現我們的結果。我們相信，調整後的呈現方式可以更好地反映業務的基本營運趨勢和績效。調整後的結果不包括一些項目，這些項目在我們的新聞稿和電話會議投影片附錄部分的表格中有詳細說明。

On a consolidated basis, fiscal 2026 first quarter sales decreased 1% to $492 million versus the prior year as growth in Retail and Wholesale segments was offset by a decline in Joybird sales. Consolidated GAAP operating income was $22 million and adjusted operating income was $23 million. Consolidated GAAP operating margin was 4.5%, and adjusted operating margin was 4.8%, with margin expansion on our Wholesale segment more than offset by Retail margin compression due to fixed cost de-leverage and investment in new store openings.

從綜合來看，2026 財年第一季銷售額較上年下降 1% 至 4.92 億美元，因為零售和批發部門的成長被 Joybird 銷售額的下降所抵消。合併 GAAP 營業收入為 2,200 萬美元，調整後營業收入為 2,300 萬美元。合併 GAAP 營業利潤率為 4.5%，調整後營業利潤率為 4.8%，批發部門的利潤率擴張被固定成本去槓桿和新店開設投資導致的零售利潤率壓縮所抵消。

As a reminder, our first quarter is generally the lowest sales and margin quarter in the fiscal year due to seasonally lower industry sales in our annual weeklong plant shutdown. Diluted earnings per share totaled $0.44 on a GAAP basis and $0.47 on an adjusted basis.

提醒一下，由於我們每年為期一周的工廠停工導致行業銷售額季節性下降，我們的第一季通常是財政年度內銷售額和利潤率最低的季度。每股攤薄收益以 GAAP 計算總計 0.44 美元，按調整後計算總計 0.47 美元。

As I move to the segment discussion, my comments from here will focus on our adjusted reporting, unless specifically stated otherwise. Starting with the Retail segment for the first quarter, delivered sales were $207 million, up 2% over the prior year's first quarter, driven primarily by new and acquired stores. Retail adjusted operating margin was 6.3% versus 10.3% due to de-leverage in same-store sales and investment in new store openings.

當我轉到分段討論時，我的評論將集中於我們的調整後報告，除非另有明確說明。從第一季的零售部門開始，交付銷售額為 2.07 億美元，比去年同期第一季成長 2%，主要得益於新店和收購店的推動。零售調整後營業利潤率為 6.3%，而去年同期為 10.3%，原因是同店銷售額下降以及新店開設投資增加。

For our Wholesale segment, delivered sales for the quarter increased 1% to $353 million, driven by growth in our core North America La-Z-Boy Wholesale business and Casegoods business, which more than offset the continued impact of a significant customer transition in our international wholesale business that began in the second quarter of fiscal 2025.

就我們的批發部門而言，本季交付銷售額成長 1% 至 3.53 億美元，這得益於我們核心的北美 La-Z-Boy 批發業務和 Casegoods 業務的成長，這足以抵消我們國際批發業務自 2025 財年第二季開始的重大客戶轉型帶來的持續影響。

Adjusted operating margin for the Wholesale segment was 7.5% versus 6.9%, driven by lower warranty and marketing expenses along with continued gross margin expansion in our core North America La-Z-Boy Wholesale business, partially offset by the margin impact of the significant customer transition in the International Wholesale business.

批發部門的調整後營業利潤率的降低，以及核心北美 La-Z-Boy 批發業務的毛利率持續擴大，但國際批發業務的重大客戶轉型對利潤率的影響部分抵消了這一影響。

As a reminder, approximately 90% of our upholstered units sold in North America are produced in the United States with our USMCA-compliant Mexican operations supporting most of the balance as well as much of our cut and sew operations. As such, we have been able to navigate the current trade and tariff situation through strategic inventory moves, sourcing adjustments, vendor diversification and nominal pricing actions.

提醒一下，我們在北美銷售的軟墊家具約 90% 是在美國生產的，而我們符合 USMCA 標準的墨西哥業務則支持了大部分剩餘產品以及大部分的剪裁和縫紉業務。因此，我們能夠透過策略性庫存轉移、採購調整、供應商多樣化和名目定價行動來應對當前的貿易和關稅狀況。

For Joybird, reporting corporate and other, delivered sales were $28 million, down 20% versus the prior year quarter, with store performance stronger than the online business. Joybird operating loss increased versus the prior year due to low delivered volume. To note, we have seen some improvement in consumer trends through the first months of the fiscal year and will continue to prudently manage this business.

Joybird 報告稱，公司及其他業務的交付銷售額為 2,800 萬美元，較去年同期下降 20%，但門市業績強於線上業務。由於交付量低，Joybird 的營業虧損較上年增加。值得注意的是，我們看到本財年頭幾個月的消費趨勢有所改善，並將繼續審慎管理這項業務。

Moving on to our consolidated adjusted gross margin and SG&A performance for fiscal 2026 first quarter. Consolidated adjusted gross margin for the entire company decreased 30 basis points versus the prior year first quarter. The decrease in gross margin was primarily driven by an increase in supply chain costs in our distribution and manufacturing operations and promotional activity on Casegoods products and accessories, partially offset by lower input costs.

接下來介紹我們 2026 財年第一季的合併調整後毛利率和銷售、一般及行政費用 (SG&A) 業績。整個公司的綜合調整後毛利率較去年同期第一季下降了30個基點。毛利率下降主要是由於分銷和製造業務的供應鏈成本增加以及 Casegoods 產品和配件的促銷活動，但投入成本的降低部分抵消了這一影響。

Adjusted SG&A as a percent of sales for the quarter increased by 150 basis points compared with last year due to fixed cost de-leverage in our retail comparable stores as well as investment in new stores, partially offset by lower warranty and marketing costs. Our effective tax rate on a GAAP basis for the first quarter was largely unchanged at 25% versus 25.5% in the first quarter of fiscal 2025.

本季度調整後的銷售、一般及行政費用佔銷售額的百分比與去年相比增加了 150 個基點，原因是我們的零售同店固定成本去槓桿以及對新店的投資，但保修和營銷成本的降低部分抵消了這一增長。我們第一季以 GAAP 計算的有效稅率基本保持不變，為 25%，而 2025 財年第一季為 25.5%。

Turning to liquidity. We ended the quarter with $319 million in cash and no externally funded debt. We generated a strong $36 million in cash from operating activities in the first quarter with disciplined management of working capital. We invested $18 million in capital expenditures during the quarter, primarily related to La-Z-Boy Furniture Galleries new stores and remodels and manufacturing-related investments. We continue to believe that the best use of our cash is prudently reinvesting back into the business.

轉向流動性。本季末，我們擁有 3.19 億美元現金，且沒有外部融資債務。透過嚴格的營運資金管理，我們在第一季從經營活動中獲得了 3,600 萬美元的強勁現金。我們在本季投資了 1800 萬美元的資本支出，主要用於 La-Z-Boy 家具畫廊的新店和改造以及製造相關的投資。我們始終相信，現金的最佳用途是謹慎地重新投資於業務。

As such, we are committed to investments in new stores, acquisitions and our distribution transformation to profitably grow our core business. As a note, last month, we extended the maturity date of our five year $200 million unsecured revolving credit facility to 2030. The amended facility increased the accordion feature to $125 million from $100 million. It also allows for more favorable terms, including the removal of the SOFR credit spread adjustment and additional covenant flexibility. We have no borrowing against the facility.

因此，我們致力於投資新店、收購和分銷轉型，以實現核心業務的獲利成長。值得注意的是，上個月，我們將五年期 2 億美元無擔保循環信貸額度的到期日延長至 2030 年。修改後的安排將折疊功能從 1 億美元增加到 1.25 億美元。它還允許更優惠的條款，包括取消 SOFR 信用利差調整和增加契約靈活性。我們沒有以該設施作為抵押進行借款。

Regarding cash returned to shareholders for the quarter, we returned $22 million to shareholders through dividends and share repurchases, including $9 million paid in dividends. We repurchased 300,000 shares in the quarter which leaves 3.4 million shares available under our existing share repurchase authorization. We continue to view share repurchases in our dividend as an attractive use of our cash and positive return to shareholders.

關於本季向股東返還的現金，我們透過股利和股票回購向股東返還了 2,200 萬美元，其中包括支付的股息 900 萬美元。我們在本季回購了 30 萬股，根據我們現有的股票回購授權，還剩下 340 萬股可用。我們繼續將股息中的股票回購視為對現金的有吸引力的用途，並為股東帶來積極的回報。

In fiscal 2025, capital allocation was tilted to shareholders. Looking to fiscal 2026, we expect capital allocation to be more weighted to investments in the business through capital expenditures and acquisitions, particularly given the strategic upcoming acquisition of a 15 store network at the end of October.

2025財年，資本配置向股東傾斜。展望 2026 財年，我們預期資本配置將更多地透過資本支出和收購來投資業務，特別是考慮到即將於 10 月底對 15 家門市網路進行策略性收購。

This will be our largest independent La-Z-Boy Furniture Galleries acquisition in our company's history and will enable full access to multiple large and growing markets in Florida, Georgia and Tennessee. On top, it is already a well-run and profitable network and will pave the way for additional new store expansion. As a result, this investment will be at the high end of our historical 4 times to 6 times EBITDA range for independent La-Z-Boy Furniture Galleries acquisitions.

這將是我們公司歷史上最大的獨立 La-Z-Boy 家具畫廊收購，並將使我們完全進入佛羅裡達州、喬治亞州和田納西州的多個大型且不斷增長的市場。最重要的是，它已經是一個運作良好且有利可圖的網絡，並將為進一步擴張新店鋪平道路。因此，這項投資將達到我們歷史上對獨立 La-Z-Boy 家具畫廊收購的 EBITDA 範圍的 4 倍至 6 倍的高端。

We will continue to return capital to shareholders with our quarterly dividend and annual dividend increase, subject to regular Board approval. And given the transformational investments back into the business in fiscal 2026, we expect minimal share repurchases for the balance of the year.

我們將繼續透過季度股利和年度股利增加向股東返還資本，但須經董事會定期批准。考慮到 2026 財年對業務的轉型投資，我們預計今年剩餘時間的股票回購量將很少。

Longer term, our capital allocation target remains consistent to reinvest 50% of operating cash flow back into the business and return 50% to shareholders in share repurchases and dividends.

從長遠來看，我們的資本配置目標保持不變，即將 50% 的經營現金流重新投資於業務，並將 50% 以股票回購和股息的形式返還給股東。

Before turning the call back to Melinda, let me highlight several important items for fiscal 2026 and our second quarter. Assuming no significant changes to an increasingly challenged consumer environment or trade and tariff policies, we are planning prudently to expect fiscal second quarter sales to be in the range of $510 million to $530 million and adjusted operating margin to be in the range of 4.5% to 6%.

在將電話轉回給梅琳達之前，請容許我強調一下 2026 財年和第二季的幾個重要事項。假設日益嚴峻的消費環境或貿易和關稅政策沒有重大變化，我們謹慎地預期第二財季銷售額將在 5.1 億美元至 5.3 億美元之間，調整後的營業利潤率將在 4.5% 至 6% 之間。

On our distribution transformation project, over time, we expect 50 to 75 basis points of wholesale margin improvement. Looking at the cadence, we expect a modest drag on adjusted operating margins to continue for the first two years as a result of transition inefficiencies with savings beginning to flow through in year three and at a going rate as we exit year four.

在我們的分銷轉型項目中，隨著時間的推移，我們預計批發利潤率將提高 50 至 75 個基點。從節奏來看，我們預計，由於轉型效率低下，調整後的營業利潤率在前兩年將繼續受到輕微拖累，而節省的資金將在第三年開始流入，並在第四年後以現行速度流入。

We will continue to invest in our Century Vision growth strategy and expect to open approximately 15 new company-owned and independent La-Z-Boy Furniture Galleries stores during the year, of which the majority are company-owned as well as three to four new Joybird stores. We continue to expect our tax rate for the full year to be in the range of 26% to 27%. We anticipate adjustments for purchase accounting charges for the year to be in the range of $0.01 to $0.02 per share.

我們將繼續投資於我們的世紀願景成長策略，並預計在今年開設約 15 家新的公司自營和獨立的 La-Z-Boy 家具畫廊商店，其中大多數為公司自營，以及三到四家新的 Joybird 商店。我們繼續預計全年稅率將在 26% 至 27% 之間。我們預計今年的購買會計費用調整將在每股 0.01 美元至 0.02 美元之間。

And lastly, we expect capital expenditures to be in the range of $90 million to $100 million for fiscal 2026, consistent with prior guidance as we invest to strengthen the company for the future, consistent with our Century Vision strategy. This includes investments in our La-Z-Boy Furniture Galleries for new stores and remodels, our multiyear project to transform our distribution network and home delivery program and continued manufacturing-related investments.

最後，我們預計 2026 財年的資本支出將在 9,000 萬至 1 億美元之間，這與先前的指導一致，因為我們進行投資以增強公司的未來發展，這與我們的「世紀願景」策略一致。其中包括對新店和改建的 La-Z-Boy 家具展廳的投資、改造我們的分銷網絡和送貨上門計劃的多年項目以及持續的製造相關投資。

And with that, I will turn the call back to Melinda.

說完這些，我就把電話轉回給梅琳達。

Thanks, Taylor. We're leveraging our 98 years of experience and our fortress balance sheet to navigate a challenging and volatile environment. And we're doubling down on driving our core businesses to serve our consumers with the comfort and quality they expect from La-Z-Boy Incorporated.

謝謝，泰勒。我們利用 98 年的經驗和穩健的資產負債表來應對充滿挑戰和動盪的環境。我們正在加倍努力推動核心業務，為消費者提供他們期望從 La-Z-Boy Incorporated 獲得的舒適度和品質。

At the same time, we will continue to strategically grow and improve our business and drive long-term shareholder value. I'd like to again thank our entire team of more than 10,000 employees around the world for their continued dedication to our mission of driving the transformational power of comfort to more homes. I am truly excited for the opportunities still ahead.

同時，我們將繼續策略性地發展和改善我們的業務，並推動長期股東價值。我要再次感謝我們遍布全球的 10,000 多名員工組成的整個團隊，感謝他們持續致力於我們的使命，將舒適的變革力量帶入更多家庭。我對未來的機會感到非常興奮。

And now I'll turn the call back to Mark.

現在我將把電話轉回給馬克。

Thank you, Melinda. We will begin the question-and-answer period now. Ali, please review the instructions for getting into the queue to ask questions.

謝謝你，梅琳達。我們現在開始問答環節。Ali，請查看排隊提問的說明。

(Operator Instructions) Brad Thomas, KeyBanc Capital Markets.

（操作員指示）Brad Thomas，KeyBanc 資本市場。

This is Taylor Zick on for Brad this morning. Melinda, maybe just to start, investors tend to focus on the earnings outlook. But I think one thing, and you mentioned in your script, is that you saw a sequential improvement in trends during this quarter. So can you provide us some additional color to what you saw during the trends?

這是今天早上為布拉德主持的泰勒齊克 (Taylor Zick)。梅琳達，也許只是開始，投資者往往關注獲利前景。但我認為有一件事，正如您在腳本中提到的那樣，您看到本季趨勢連續改善。那麼，您能否向我們提供一些有關您在趨勢中看到的額外資訊？

And secondly, in the past, you provided some early comments on what you're seeing quarter-to-date. So any thoughts on maybe how August is trending?

其次，過去您曾對本季迄今的情況發表過一些早期評論。那麼，您對八月份的趨勢有何看法？

Yes. We have -- we definitely saw some sequential traffic improvement through our first quarter, and that has continued into early August. It's step by step, and we're managing prudently through that. Too early to call that a trend. As you know, the holidays are big for our industry.

是的。我們確實看到第一季的流量有所改善，而且這種狀況一直持續到 8 月初。這是一步一步的，我們正在謹慎地管理。現在稱其為趨勢還為時過早。眾所周知，假期對我們這個行業來說意義重大。

And so we're optimistic about Labor Day and with our ability to execute in-store and deliver a great consumer experience. We're focused on making sure our marketing investments are driving traffic to the store.

因此，我們對勞動節以及我們在店內執行並提供出色的消費者體驗的能力感到樂觀。我們專注於確保我們的行銷投資能夠為商店帶來客流量。

But at the same time, we know consumer fundamentals are challenged right now. That's been true for our industry for a while and I see that growing with an increasingly pressured consumer. So we're sort of navigating prudently as we go forward. But no doubt, we have seen some level of continued trend increase on traffic overall.

但同時，我們知道消費者基本面目前面臨挑戰。對於我們的行業來說，這種情況已經持續了一段時間，而且我看到隨著消費者壓力的不斷增加，這種情況還在不斷增長。因此，我們在前進的過程中會採取謹慎的態度。但毫無疑問，我們看到整體流量呈現一定程度的持續成長趨勢。

That's great. And maybe just on the margin performance, it sounds like some of the newer stores are putting some pressure here on the Retail segment. I guess how should we think about the ramp of those stores to maturity and as it relates to margins in the quarters ahead?

那太棒了。也許僅從利潤率表現來看，聽起來一些較新的商店正在給零售部門帶來一些壓力。我想我們應該如何看待這些商店的成熟度提升以及它與未來幾季的利潤率的關係？

Yes. So as Melinda had mentioned in our prepared remarks, we stood up 13 new stores over the last 12 months, which we're incredibly excited about, which is exactly part of our strategy to expand La-Z-Boy brand reach. With that being said, on a kind of a cadence of a new store, we see in year one, they are a drag on profitability with improvement into year two and kind of like a going rate into year three of a neutral to accretive margin to the segment.

是的。正如梅琳達在我們準備好的演講中提到的那樣，我們在過去 12 個月中開設了 13 家新店，我們對此感到非常興奮，這正是我們擴大 La-Z-Boy 品牌影響力策略的一部分。話雖如此，從新店的節奏來看，我們在第一年看到，它們會拖累盈利能力，而到第二年盈利能力會有所改善，而到第三年，該部門的利潤率會從中性變為增值。

So as we continue to expand, it will continue to be some pressure on the margin, but that is expected. I mean, the biggest and largest impact at least quarter one, was traffic and the consumer being a little bit more challenged than expected, which had de-leverage impacts on the total segment.

因此，隨著我們繼續擴張，利潤率將繼續面臨一些壓力，但這是可以預料的。我的意思是，至少在第一季度，最大的影響是流量和消費者面臨的挑戰比預期的要大一些，這對整個部門產生了去槓桿的影響。

And I guess one more before I turn it over. Melinda, can you kind of just speak to what you're hearing from your Wholesale customers. In some of our checks, we've heard some of the industry being hesitant to order products just given the uncertainty in tariffs and pricing. I presume that La-Z-Boy benefit in this type of environment given its North America supply chain. So what are you hearing from those customers?

我想在翻頁之前還要再寫一次。梅琳達，您能否簡單談談您從批發客戶那裡聽到了什麼。在我們的一些檢查中，我們聽說一些業內人士由於關稅和定價的不確定性而不願訂購產品。我認為，鑑於其北美供應鏈，La-Z-Boy 在這種環境中會受益。那麼您從這些客戶聽到了什麼呢？

Yes. As we noted, we did see growth in our Wholesale business for the quarter. And again, those trends have continued early into this next quarter. I think to your point, there's a lot of -- there's a level of hesitancy just around where the consumer is going to go. And so that's secondary when that pushes through on our B2B side of things.

是的。正如我們所指出的，本季我們的批發業務確實有所成長。而且，這些趨勢將持續到下個季度初。我認為正如你所說，消費者對於要去哪裡存在一定程度的猶豫。因此，當它推動我們的 B2B 業務時，這是次要的。

As you note, the fact that we are -- the vast majority of our product is manufactured here in North America, so we're not as impacted by tariffs. That plays well for us being able to supply those consumers as we go through. And so we're navigating to play with, particularly with those strategic customers, the long-term players like the Slumberland of the world, to some of our newest like the Farmers, that we just mentioned opening up, to make sure that we're providing them a strong, steady supply of product at the right price point for their consumers. And that business has been steady for us.

正如您所說，事實上我們的絕大多數產品都是在北美製造的，因此我們不會受到關稅的影響。這對我們能夠為這些消費者提供產品很有幫助。因此，我們正在與策略客戶、像 Slumberland 這樣的長期合作夥伴以及我們剛剛提到的一些新客戶（如 Farmers）展開合作，以確保我們能以適合其消費者的價格為他們提供強大而穩定的產品供應。我們的業務一直很穩定。

Anthony Lebiedzinski, Sidoti.

安東尼·萊比津斯基，西多蒂。

Thank you. Good morning, everyone, and thanks for taking the questions. So first, just curious, in your North American business, did you guys see any notable geographic differences in traffic and sales? Or was it more or less consistent across the board?

謝謝。大家早安，感謝你們回答問題。所以首先，只是好奇，在你們的北美業務中，你們是否看到流量和銷售額有任何明顯的地理差異？或者說它在各方面或多或少都是一致的？

No big differences, I guess, across North America. I'd just call out that on the Canada side of things, with the 25% retaliatory tariff, of course, our product that we sell in Canada is primarily manufactured in the US with a little bit of Mexico. And so we have -- with that pricing going through, we've seen an offsetting elasticity on units. So that business is holding steady but down on units and offset by pricing but around the US, no big geographic shifts.

我猜整個北美沒有太大差異。我只是想說，就加拿大方面而言，由於徵收了 25% 的報復性關稅，我們在加拿大銷售的產品當然主要是在美國製造的，還有一小部分是在墨西哥製造的。因此，隨著定價的實施，我們看到了單位的抵銷彈性。因此，業務保持穩定，但銷售量下降，並被定價所抵消，但在美國各地，沒有大的地理轉移。

Okay. And Melinda, you spoke about this a little bit this morning also mentioned in your press release that you're evaluating alternatives to address financial pressure from non-core parts of the business. Can you expand on that as to what you're looking forward to do exactly?

好的。梅琳達，您今天早上談到了這一點，並且在新聞稿中提到，您正在評估應對非核心業務部分財務壓力的替代方案。能否詳細說明一下您具體期待做什麼？

Absolutely. So over the time that we have had our Century Vision strategy now for four years. We've been very clear that we see our biggest opportunity around our La-Z-Boy brand, both an expanding reach across all channels and then expanding our own company-owned Retail and our direct-to-consumer business. We really see our strength as a vertically integrated retailer where we're owning that entire consumer experience, all the way from early attraction to the brand, to delivery into the consumer's home. So there is no doubt that is our primary focus and has been.

絕對地。因此，我們的世紀願景策略已經實施四年了。我們非常清楚，我們看到了圍繞 La-Z-Boy 品牌的最大機遇，即擴大所有管道的覆蓋範圍，然後擴大我們自己的公司自營零售和直接面向消費者的業務。我們真正看到了我們作為垂直整合零售商的優勢，我們擁有整個消費者體驗，從早期對品牌的吸引力到將產品送到消費者家中。因此毫無疑問這是我們的首要關注點，而且一直如此。

It's also important to have some green shoots, and we've talked about the fact that businesses like Joybird are fully integrated direct-to-consumer businesses, and we see that as a business we can continue to invest in and expand. And then we've talked about businesses like in our Casegoods, our international business that have been challenged over time, particularly in the last several quarters. And so we're working to make sure we're improving performance there, rightsizing those businesses and evaluating options for what makes sense for those as we go forward.

出現一些復甦跡像也很重要，我們已經討論過這樣一個事實：像 Joybird 這樣的企業是完全整合的直接面向消費者的企業，我們認為作為一家企業，我們可以繼續投資和擴張。然後我們討論了 Casegoods 等業務，我們的國際業務隨著時間的推移一直受到挑戰，特別是在過去的幾個季度。因此，我們正在努力確保提高這些業務的業績，調整這些業務的規模，並評估未來對這些業務有意義的選擇。

Okay. And then also given the uneven or choppy demand that you guys are seeing as well as some others in the industry, how are you thinking about the pace of new store openings and your distribution, home delivery transformation, are you looking to perhaps slow that down if this type of trend continues? Or are you kind of fully set on the current time line?

好的。然後，考慮到您以及業內其他一些人所看到的不均衡或不穩定的需求，您如何看待新店開業的速度以及分銷、送貨上門轉型，如果這種趨勢繼續下去，您是否希望放慢速度？或者說，您對目前的時間線已經完全確定了？

I think it's important that we play offense even in challenging times. And because of the strength of our financial position, our balance sheet, our cash, we're in the enviable position to be able to do that.

我認為，即使在充滿挑戰的時期，我們也必須採取進攻措施，這一點很重要。由於我們的財務狀況、資產負債表和現金實力雄厚，我們有能力做到這一點，令人羨慕。

Now to your point, Anthony, we'll continue to monitor. It's been sort of unprecedented in times now, four years running for a variety of situations. So we'll monitor that and we'll be prudent. But at this stage, we are committed to our strategy.

安東尼，關於你的觀點，我們將繼續關注。這種現像在當時是前所未有的，已經連續四年出現各種情況。因此，我們會對此進行監控並保持謹慎。但現階段，我們致力於我們的策略。

Okay. And my last question is, you mentioned higher promotional activity in Casegoods, which is a as you pointed out just now, it's a smaller piece of your business. So near term, are you still seeing pressure there as far as promotional activity? How should we think about that?

好的。我的最後一個問題是，您提到 Casegoods 的促銷活動有所增加，但正如您剛才指出的，這只是您業務中較小的一塊。那麼短期內，您是否仍看到促銷活動的壓力？我們該如何看待這個問題？

It was really more transitory in quarter one, particularly across both our Retail and Wholesale segments. In Retail, we were just looking to work through, call it, some nonperforming inventories so that we can re-merchandise our stores with the optimal product assortment, particularly as we head into the key furniture buying season and holiday season.

第一季的情況確實比較短暫，尤其是在我們的零售和批發部門。在零售業，我們只是想處理掉一些不良庫存，以便我們能夠以最佳的產品組合重新銷售我們的商店，特別是當我們進入主要的家具購買季節和假期時。

And then on the -- our actual case goods business, always we have a good healthy routine of continuing to try to work through nonproductive inventory, and we're able to work through some of that in quarter one, which is typically a lower demand season for furniture, so a good time to just work through things at value.

然後，就我們的實際箱包業務而言，我們始終有一個良好的常規，即繼續嘗試處理非生產性庫存，並且我們能夠在第一季度處理其中的一些庫存，這通常是家具需求較低的季節，因此是按價值處理庫存的好時機。

Bobby Griffin, Raymond James.

鮑比·格里芬、雷蒙德·詹姆斯。

I guess moving to first to start, can you maybe just help me understand better kind of the cadence of the written business during the quarter. I think we started out with a good Memorial Day or I think the -- we were mentioning you were pleased with the results on the last call.

我想首先，您能否幫助我更了解本季書面業務的節奏。我認為我們以一個美好的陣亡將士紀念日開始，或者我認為——我們提到您對上次通話的結果感到滿意。

And then kind of during the quarter, you guys updated towards the low end of the guide. So is it the right way to think like May trends are pretty good and things softened in June and July and then improved in August? Just trying to understand kind of how it plays sequentially versus when we spoke last.

然後在本季度，你們對指南的低端進行了更新。那麼，這樣想是否正確：五月的趨勢很好，六月和七月的情況有所緩和，八月又有所改善？只是想了解與我們上次談話相比，它的順序是如何進行的。

Yes. So if I look at -- to your point, if I go Q4 to Q1 and then into August, we have seen a bit of improvement in traffic trends that played broadly into written. We haven't relative to the last time we spoke, Bobby, we just didn't see that come through quite as significantly as we would have expected, and particularly on those same-store sales for our Retail side, between a softer consumer than maybe we had hoped, investment in new stores and then as Taylor just alluded to, really also investing in some discounting to re-merchandise our floors. The combination of those three just came through a little bit more harshly than we had anticipated, which impacted the margins versus the last time we put guidance out there.

是的。因此，如果我看一下 - 正如您所說，如果我從第四季度到第一季度再到八月，我們會看到流量趨勢有所改善，這在書面上發揮了廣泛作用。鮑比，相對於我們上次談話時的情況，我們還沒有看到像我們預期的那樣顯著的銷售增長，特別是零售方面的同店銷售額，這其中的原因包括消費者情緒比我們預期的要低，對新店的投資，以及泰勒剛才提到的，我們也確實投資了一些折扣來重新銷售我們的產品。這三項因素的綜合作用比我們預期的要嚴重一些，這對利潤率產生了影響，與我們上次發布的指導相比。

Okay. And is that -- was that the big difference on like the EBIT margins this quarter coming in basically 70 bps below the low end when you guys kind of in, I guess, mid-July pointed towards the low end. Did you accelerate some of the discounting or pull forward some of those onetime hits to just get it done this quarter?

好的。這是不是 — — 這是不是本季息稅前利潤率的巨大差異？基本上比最低點低了 70 個基點，而你們在 7 月中旬就指出了最低點。您是否加快了部分折扣或提前了一些一次性促銷活動以便在本季度完成？

I don't know, if I would say it was a pull forward other than we wanted to re-merchandise and work through and it was working. So we just continue it because it's right for the business, particularly as we get into the bigger season. And that in combination with the consumer as we exit the quarter, just being a little bit more choppy and uneven than perhaps our expectations contributes to the -- that's coming a little bit lower than what we put out there.

我不知道，如果我說這是一種向前的推動，而不是我們想要重新銷售並努力完成，而且它正在發揮作用。因此，我們會繼續這樣做，因為這對業務有利，特別是當我們進入更大的季節時。再加上本季結束時消費者的購物行為比我們的預期更加不穩定和不均衡，導致實際銷售量略低於我們的預期。

Okay. And then, Taylor, when you kind of gave the -- you talked a little bit about the opportunity on the supply chain rework and then mix with like it's going to take some investment. So is the right way for us when we kind of want to tune these models up. Let's just assume we stay in the similar consumer environment for, call it, the next 6 or 12 months. Should we think we have further margin pressure to go before the benefits start to flow through?

好的。然後，泰勒，當你給出——你談到了供應鏈改造的機會，然後混合了它需要一些投資。當我們想要調整這些模型時，這對我們來說是正確的方法。我們假設我們在接下來的 6 個月或 12 個月內保持類似的消費環境。我們是否應該認為在收益開始顯現之前，利潤率還面臨進一步的壓力？

Or any way to help us kind of think a little bit maybe -- I know you guys are not giving a long-term guidance, but just kind of how this plays out in terms of the investment side versus the ultimate improvements that can come from the rework supply chain?

或者有什麼方法可以幫助我們稍微思考一下——我知道你們沒有給出長期指導，但從投資方面來看，這與返工供應鏈可能帶來的最終改進相比如何？

Yes. So we -- I would say we just kicked this off in this last quarter. So quarter one was our first big step in with the Arizona relocation of the new centralized hub. So as I mentioned, in the first two years, we will see a modest drag on adjusted margins just due to transition inefficiencies as we're standing up new sites while operating legacy sites. It's manageable, but it's there.

是的。所以——我想說我們是在上個季度才開始這個計劃的。因此，第一季是我們邁出的第一大步，將新的集中樞紐遷至亞利桑那州。正如我所提到的，在前兩年，我們將看到調整後的利潤率略有下降，這僅僅是因為我們在經營舊站點的同時建立了新站點，導致過渡效率低下。它是可管理的，但它就在那裡。

And then into year three, we'll start seeing some savings than we'll see the biggest impact and the biggest meaningful margin expansion as we're in an exit year four, which is about 50 to 75 basis points expansion for the segment.

然後進入第三年，我們將開始看到一些節省，然後我們將看到最大的影響和最大的有意義的利潤擴張，因為我們處於第四年，這對於該部門來說是大約 50 到 75 個基點的擴張。

And is that -- that shows up in Retail segment margins, EBIT margins or Wholesale?

這是否反映在零售部門利潤率、息稅前利潤率或批發部門利潤率？

Wholesale.

批發的。

And I guess, lastly for me, just on the store, the new store productivity, the industry is choppy, volatile different ways to characterize it. Are you guys pleased with the ramp-up period? I think you called out it's an initial drag in the first year, which makes sense, but then you get kind of up to in line in year two or three. Is that in line with historical standards? Or do you think there's opportunities to make that a little quicker? Like how do you -- how are you viewing the new store productivity on some of these newer stores?

最後，對我來說，就商店而言，新店生產力，這個行業是動蕩的，可以用不同的方式來描述。你們對於這個加速期滿意嗎？我認為您說的是，第一年會是一個初始阻力，這是有道理的，但第二年或第三年您就會逐漸適應。這符合歷史標準嗎？或者您認為有機會讓這個過程更快一點嗎？例如，您如何看待這些新店的新店生產力？

I think the two to three years to get to going productivity is the rule of thumb we've had historically, and that continues. Now there is no doubt, particularly as we say, with a choppy consumer that it's important across all of our stores, we are maximizing everything we're doing to make the most of that installed base, which is -- was a challenged consumer, a little bit more challenging. But we are -- we're honing everything we're doing there. We continue to get better every day with what we're doing in retail, and we'll continue to make progress there.

我認為，在兩到三年內實現生產力是我們歷史上的經驗法則，而這法則將持續延續。現在毫無疑問，特別是正如我們所說的，對於波動性的消費者來說，這一點對我們所有的商店都很重要，我們正在盡最大努力充分利用這個已安裝的基礎，這對於受到挑戰的消費者來說，更具挑戰性。但我們正在完善我們在那裡所做的一切。我們在零售業的所作所為每天都在不斷進步，我們將繼續取得進步。

Thank you, ladies and gentlemen. As we have no further questions in queue at this time, I would like to turn the call back over to Mr. Mark Becks for any closing remarks.

謝謝各位，女士們、先生們。由於我們目前沒有其他問題，我想將電話轉回給馬克·貝克斯先生，請他做最後發言。

Thanks, Ali. Melinda, Taylor and I will be in our offices for the rest of the day to take any follow-up questions. Thanks, and have a great day.

謝謝，阿里。梅琳達、泰勒和我今天剩餘時間將在辦公室回答任何後續問題。謝謝，祝您有愉快的一天。

Thank you, ladies and gentlemen. This does conclude today's call, and you may disconnect your lines at this time, and we thank you for your participation.

謝謝各位，女士們、先生們。今天的通話到此結束，您可以斷開線路，感謝您的參與。